Are you active in real estate investing or selling / flipping?
CAN YOU HELP ME SAVE TAXES WHEN I SELL MY PROPERTY AT A VERY HIGH PROFIT?
Must understand that if you are expecting high profit, then you must make certain decisions now ..... much ahead of the time?
Interested in learning the tax planning strategies to be able to walk away from highly appreciated real estate property sales with no or minimal tax?
Remember the process needs to start much ahead of time....
Although we do have last minute tax strategies .... however ideal would be to start well ahead of time....
CAN YOU HELP ME SAVE TAXES ..... BECAUSE MY ACCOUNTANT SAYS THAT I HAVE TO PAY TAX ON MY FLIPPING DEAL.... THE LAST PROPERTY THAT I SOLD IN OCTOBER THIS YEAR AT A PROFIT OF 50K.... AND MY ACCOUNTANT SAYS I WILL HAVE TO PAY TAX ON THIS PROFIT. .. BUT THEN ... I WENT AHEAD AND PURCHASED ANOTHER PROPERTY IN THE LAST WEEK OF DECEMBER.... FOR 50 K...... AND MY ACCOUNTANT SAYS THAT I CAN NOT GET A DEDUCTION OUT OF THIS LAST PURCHASE?
The answer is: May be or perhaps.... Please know that your accountant is right in making you pay the tax on your profit... The irony is that in flipping of properties business unless you set up and follow certain specific IRS / Tax methodologies you will have to pay the tax.... There are always ways around it.... just ask your certified tax coach / planner.